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Singha Estate concludes its 2024 AGM, approving annual dividend payment of THB 0.015,

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Singha Estate concludes its 2024 AGM, approving annual dividend payment of THB 0.015, poised to reach THB 18 billion revenue in 2024

Singha Estate Public Company Limited (SET: S), by Mr. Pitipong Puengboon Na Ayutthaya, Chairperson of the Board of Directors, and Mrs. Thitima Rungkwansiriroj, Director of board and Chief Executive Officer, along with the Board of Directors, convened the 2024 Annual General Meeting (AGM), reporting on the company’s 2023 performance and disclosing the operational plans and strategies for 2024 to achieve New All-Time Highs in revenue and profits across all business portfolios, guided by the philosophy of “Go Beyond Dreams.”

Mrs. Thitima Rungkwansiriroj, Director of board and Chief Executive Officer, Singha Estate Public Company Limited, revealed after the meeting: In 2023, Singha Estate achieved a remarkable 17% increase in total revenue, amounting to THB 14,675 million, resulting in a profit of THB 240 million. Consequently, a resolution was passed during the meeting to approve a dividend payment of THB 0.015 per share, representing 45.12% of the net profit after adjustments, with the dividend scheduled to be paid on May 15, 2024.

During the fourth quarter of 2023, Singha Estate experienced clear signs of business growth, which continued into the early part of 2024. Due to positive market response and successful implementation of the development plan laid out in 2023, the business witnessed robust growth, achieving its highest-ever total revenue, in line with the New All-Time High target set.

In 2024, Singha Estate’s efforts are further advanced to enhance profitability. With an aim to optimize revenue and profit generation under Go Beyond Dreams, it expands its portfolio based on three driving strategies: 1) Go Expertise, leveraging the team expertise across four business groups to synergize strengths and specialties for mutual support and inclusive growth; 2) Go Elixir, consolidating strength with new partners to expand business opportunities and investments; and 3) Go Exceed, Go Exist, solidifying the sustainable development commitment and becoming a carbon neutral organization by 2030, to balance business interests with communities, society, and the environment. Each business portfolio has its own key strategy, as follows:

  1. The residential business segment actively adheres to the Best-in-Class principle, launching residential projects with a total value of THB 10,000 million, including the second location of S’RIN, to capitalize on the positive market response and demand for quality projects in 2024. It is anticipated that revenue recognition will be ready by the end of the year. Additionally, the Exclusive Residence project under the SMYTH’S brand is introduced to meet the growing actual demand in the luxury residential segment. These projects focus on privacy, proximity to urban areas, and upscale urban locations. Land acquisition for new developments is underway, actively expanding opportunities for business partnerships to accelerate sustained growth.
  2. The hospitality business segment under SHR management focuses on investing in quality hotel properties to enhance competitiveness and long-term revenue growth. This includes enhancing the tourism experience and customer service, such as room upgrades. In the first quarter of 2024, renovated rooms commanded an ADR increase of 20-30%. For 2024-2025, plans include upgrading potential hotels in Thailand and the United Kingdom, building upon the initial renovation phase launched in 2023, as well as introducing new brand concepts to meet global travel trends. As asset rotation remains a factor in strengthening business performance, the company is exploring opportunities for business consolidation to enhance its portfolio.
  3. Commercial Property Business and Industrial Estate and Infrastructure Business target to penetrate customers with growth potential and leverage diverse and appropriate sales platforms to drive continuous growth of real estate trade and industrial estate businesses.

“With these strategic directions, we are confident that Singha Estate will drive operational growth by delivering excellent products and services to enhance customers’ quality of life while fostering sustainable under the vision “Entrusted And Value Enricher” and philosophy “Go Beyond Dreams”. Additionally, we have confidence in the continuous growth of the company’s total revenue, targeting a 20% increase to reach THB 18 billion by 2024,” stated Thitima.

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